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From Benedicte Gravrand, Geneva: Greenock Capital will launch a multi-strategy hedge fund in October. Its portfolio will be dealing with bank loans, structure arbitrage and relative value on the credit side, and volatility arbitrage, events and long-short equity on the equity side. Christopher Innes and Ken MacKenzie talked to Opalesque during their recent European tour.

Greenock Multi-Strategy Fund “We are launching our fund in October 07, and the planning began in March”, said Mr. Innes. “We are targeting 18-20% p.a. gross returns in the environment that we are in now, and low volatility. Average levels of leverage will be 4 to 6x. As for the investors, we are targeting institutions, family offices and funds of funds. We do not have seeding for the moment but we do have institutional day-one investors. All partners will invest in the fund.”

Equity: event driven with a twist “We will be combining a few different things: an equity strategy that is similar to the one that Ken has been running in previous roles,” said Mr. Innes. “Our focus will be around events – as there are a lot of events in the world right now - and the twist on that will be our use of equity options and convertibles in addition to the cash markets to create interesting pay-offs. We will also have a long volatility bias to our portfolio that will be constructed using an event-driven theme. We have seen significant interest from inv......................

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